Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0169%/8h= +18.5% APRpaid last 24h +0.031%

Price spread now: Deribit against MEXC−0.049%7-day average −0.109% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$5as in the Price arb table

costs, in and out, $10k−$110.113% of the position

Long on MEXC Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.691%+$69 on $10k

Price spread, last 4 days (all we have)−0.020%−$2 · spread now −0.049%, 7d avg −0.109%

Together, before fees+0.671%+$67 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Deribit is 0.060% dearer against MEXC than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.109%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC XAU_USDT	4,347.8	0.0088	pay 0.0044% / 4h	9m 49s	$372.8M	$320.5M	1000x
Short	Deribit GOLD_USDC-PERPETUAL	4,345.7	0.0256	get 0.0032% / 1h	9m 49s	$206K	$825K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against MEXC. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee MEXCbpFee DeribitbpOrdersPrice spread, now −0.049%Rate

Funding earned: $35.39
Price spread: −0.049% → −0.109%: $6.02
Slippage, 4 orders: −$0.3
Fee MEXC: 2 bp × 2 orders: −$4
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $30.11
Costs to cover: 0.113%
Break-even: 1.0 days

Slippage from MEXC: live order book, 4 min ago; Deribit: live order book, 49 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy MEXC live order book, 4 min ago	0.04 bp	2.0 bp −$2	2.0 bp −$20	5.8 bp −$582	24.6 bp −$12.3K
Sell Deribit live order book, 49 min ago	0.12 bp	3.6 bp −$4	6.2 bp −$62	doesn't fit	doesn't fit

XAU on 39 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx XAU/USDC	0.0000%	1h	4,346.4	−0.033%	$3.4M	$12.3M	25x	as long as short
Hotstuff GOLD-PERP	0.0000%	1h	4,342.7	−0.118%	$33K	—	25x	as long as short
Gate XAU_USDT	0.0000%	4h	4,349.5	+0.039%	$266.5M	$417.5M	100x	as long as short
SunX XAU-USDT	0.0000%	4h	4,351.3	+0.079%	$92K	$8.9M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,343.1	−0.108%	$272K	—	250x	as long as short
Lighter XAU	+0.0032%	1h	4,346.1	−0.040%	$20.8M	$38.2M	25x	as long as short
Extended XAU-USD	+0.0032%	1h	4,343.6	−0.096%	$13.2M	$38.2M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.060%	$619	$54	52x	as long as short
Lighter RH XAU	+0.0040%	1h	4,348.6	+0.018%	$20.1M	$39.4M	25x	as long as short
StandX XAU-USD	+0.0040%	1h	4,347.4	−0.009%	$3.8M	$4.5M	40x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX GOLD-USD	+0.0041%	1h	4,346.1	−0.039%	$5.7M	$2.0M	20x	as long as short
Vest GC-PERP	+0.0046%	1h	4,379.5	+0.729%	—	$1.0M	25x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0048%	1h	4,343.7	−0.095%	$2.0M	$4.8M	25x	as long as short
Kalshi KXGOLDPERP	+0.0049%	24h	4,345.3	−0.058%	$4.2M	$37.4M	15x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,344.8	−0.069%	$293.9M	$49.0M	25x	as long as short
Ondo Perps XAU-USD.P	+0.0050%	1h	4,343.1	−0.107%	$15.1M	$56.8M	25x	as long as short
Aster XAUUSD1	+0.0061%	4h	4,349	+0.026%	$71.4M	$333.1M	20x	as long as short
Variational Omni XAU	+0.0076%	4h	4,345.3	−0.058%	$48.4M	$28.2M	—	as long as short
Paradex XAU-USD-PERP	+0.0080%	8h	4,346.3	−0.034%	$19K	$5K	5x	as long as short
GRVT XAU_USDT_Perp	+0.0086%	4h	4,346.5	−0.031%	$1.4M	$2.9M	25x	as long as short
MEXC XAU_USDTlong	+0.0088%	4h	4,347.8	long leg	$372.8M	$320.5M	1000x
Binance XAUUSDT	+0.0089%	4h	4,347.9	+0.002%	$413.9M	$2.10B	100x	as long as short
edgeX XAUUSDC	+0.0099%	4h	4,343.2	−0.107%	$30.2M	$58.3M	50x	as long as short
Pacifica XAU	+0.0100%	1h	4,343	−0.111%	$1.4M	$1.1M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,343.3	−0.105%	$274K	$203K	50x	as long as short
Bluefin GOLD-PERP	+0.0100%	1h	4,340.4	−0.171%	$25K	$14K	20x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,346.3	−0.035%	$161K	$87	10x	as long as short
Phoenix GOLD	+0.0142%	1h	4,344.7	−0.072%	$47K	$77K	25x	as long as short
Polymarket Perps GOLD-USD	+0.0164%	1h	4,346.9	−0.021%	$4.3M	$2.0M	20x	as long as short
Bullet GOLD-USD	+0.0187%	1h	4,347	−0.019%	$59K	$82K	10x	as long as short
Kraken Futures PF_XAUUSD	+0.0194%	1h	4,344	−0.087%	$592K	$132K	25x	as long as short
Phemex XAUUSDT	+0.0232%	4h	4,349.4	+0.036%	$2.2M	$967K	100x	as long as short
Bitget XAUUSDT	+0.0232%	4h	4,348.4	+0.013%	$70.1M	$109.2M	100x	as long as short
Bybit XAUUSDT	+0.0240%	4h	4,349.2	+0.033%	$85.1M	$145.4M	150x	as long as short
Deribit GOLD_USDC-PERPETUALshort	+0.0256%	1h	4,345.7	−0.049%	$206K	$825K	25x
OKX XAU-USDT-SWAP	+0.0298%	8h	4,349	+0.027%	$165.3M	$282.1M	100x	as long as short
BloFin XAU-USDT	+0.0329%	4h	4,346.1	−0.039%	$15.6M	$4.5M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0418% / S −0.0239%	1h	4,347.3	−0.012%	$248K	—	111x	as long as short
HTX XAU-USDT	+0.0619%	4h	4,351.3	+0.080%	$2.8M	$4.6M	75x	as long as short